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This week, ferrous metals were in the doldrums. There were no significant macro disturbances during the week. The pullback in the US dollar index led to a rebound in nonferrous metals and the A-share market, but ferrous metals did not follow the trend noticeably. Instead, pressure from bears weighed on finished steel prices. On the spot market, most markets have already entered a holiday shutdown. Spot prices remained basically stable, while market transactions contracted sharply...

According to SMM data, the average weekly production of domestic hot-rolled coils in February was 3.2004 million mt, up 0.80% MoM from January.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 13 Feb , 2026

[SMM Stainless Steel Daily Review] SS Futures Weakened on Last Trading Day Before Holiday, Stainless Steel Spot Prices Remain Stable Awaiting Post-Holiday Resumption SMM, February 13: SS futures continued to decline and probe lower. On the last trading day before the Chinese New Year holiday, nonferrous metals futures collectively came under pressure and fell, with SS futures also weakening in sync, ultimately closing at 13,860 yuan/mt. In the spot market, despite the volatility in SS futures and rising high-grade NPI prices ahead of the holiday, most spot traders had already entered the holiday period, logistics and transportation were suspended, transactions were sparse, and prices maintained a stable trend, with the market quietly awaiting the post-holiday resumption. The most-traded SS futures contract pulled back. At 10:30 a.m., the SS2604 contract was quoted at 13,765 yuan/mt, down 315 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 405-605 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,500 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 14,100 yuan/mt, while in Foshan it was 14,050 yuan/mt; in Wuxi, the price for cold-rolled 316L/2B coil was 26,600 yuan/mt, and in Foshan it was also 26,600 yuan/mt; for hot-rolled 316L/NO.1 coil, the price in Wuxi was reported at 25,750 yuan/mt; in both Wuxi and Foshan, the price for cold-rolled 430/2B coil was 7,800 yuan/mt. On the futures side, driven by weakening macro influences and narrowing fluctuations in nonferrous metals futures, the market showed a relatively stable and fluctuating trend at the beginning of the week, with trading activity experiencing a pullback. As the Chinese New Year holiday approached, market participants considered avoiding holiday risks, coupled with earlier...

【SMM Steel】Germany's Salzgitter agreed to buy Thyrolf & Uhle, a specialty steel processor in Dessau-Roßlau. The deal targets the defense market, with rising demand for military vehicles and infrastructure protection. Thyrolf & Uhle employs ~100 people and processes over 12,000 tons of steel/year. It is certified to handle ballistic protection steel in SECURE® grades 400-600. This adds sheet metal and component expertise meeting military standards. Salzgitter's CEO says it strengthens its position in a sector needing reliable materials. The deal needs regulatory approval.

【SMM Steel】AM/NS India is the first integrated steelmaker certified under India's Green Steel Taxonomy. HR coils/sheets got 4 stars, CR coils/sheets 3 stars. The certification requires <2.2 t CO₂/t finished steel, approved by NISST. Via gas-based DRI, emissions intensity is down >35% since 2015 and was 14% below national avg in FY2025. AM/NS already supplies green steel for auto, infra, and machinery. It targets a 20% intensity cut by 2030 vs 2021 via renewables.

【SMM Steel】Habaş began the EIA process for its cold rolling facility in Aliağa, İzmir. The 490M TL project includes a PL/TCM line processing 1.824 Mt of HRC into 1.65 Mt of CRC/year. Five auxiliary units are planned. Construction continues but final permits are pending. The EIA allows public review of technical and environmental compliance. Operations are expected to start within 12 months.

【SMM Steel】Jindal (India) Limited commissioned a new metal coating line at its Ranihati plant with an ~Rs 11 bn investment. The first batch is out, marking a key downstream expansion. High-value coated steel output will rise ~60% to 300,000 tons, driving ~20% revenue growth in FY26. Products target infra, white goods, solar, and roofing. This is part of the group's Rs 15 bn capex plan. It also plans a new Odisha steel plant with Rs 150 bn investment by 2030.

【SMM Steel】Bosnia's trade ministry proposed a 200-day, 30% duty on steel imports following a complaint by Nova Željezara Zenica. In 2025, reinforcing mesh imports surged 192.87% above the 4-year avg, with Serbian and Italian supply up 408.45% and 105.7%. Turkish coiled ribbed bar imports jumped 885.2%, Serbian 113.2%. The ministry warns of idle capacity and import dependency. The measure aims to prevent job losses and damage to local industry.

【SMM Steel】Vietnam approved pilot GHG emission allowances for 2025-2026. The 2026 quota is ~268.39 Mt CO₂e, up >10% YoY. Allocations go to 34 thermal power plants, 25 steel firms, and 51 cement plants under Decision No. 263/QD-TTg. 2025 quota: 243.1 Mt. Firm-level details are undisclosed. Including steel and cement signals tighter carbon rules and paves way for a 2028 carbon pricing scheme. Vietnam reaffirmed net-zero by 2050 and targets deep cuts by 2030 with int'l support.

【SMM Steel】Toyota began buying green steel from Nippon Steel, JFE, and Kobe Steel late last year. Green steel costs ~40% more than conventional, but govt subsidies help. Volumes undisclosed. Using EAFs instead of blast furnaces cuts CO₂ by ~75%. Toyota gets official certificates, joining Nissan and Isuzu. The move by the world's top automaker may push wider adoption of cleaner tech.